A healthy pullback for BTC
Updated
Most of my charts thus far have been a short analysis, and here is another one that visually depicts quite a lot but I shall explain. The current pennant is formed from a larger previous pennant we broke down from leading us to under $7,000. These pennants are derived from fibs levels, trend analysis and then looking for points of correlation. This allows for movement to be isolated in a pennant where a good signal is given to go long or short when either the top is broke or the bottom fails.
We can see the pennant resting on a bearish trend line, if this is broke with area of resistance identified they could potentially be a bounce to the upside however; this is very unlikely. I tend not to go into too many technicalities and indicators as this can blur the analysis presented to readers. However; we see nice rejection of upper EMA's, with a variety of failed moving averages, with as of typing the 50MA appears to be holding up the H4 but only just, and volume is decreasing.
Another thing to note is on the TD sequential daily view we saw a 9 count, and with that being said we should expect a 4 count correction/consolidation. I am short in my position with levels of targets indicated. Good luck.
Follow not the YELLOW BRICK ROAD, but the trend line and pennants and gain A LOAD
We can see the pennant resting on a bearish trend line, if this is broke with area of resistance identified they could potentially be a bounce to the upside however; this is very unlikely. I tend not to go into too many technicalities and indicators as this can blur the analysis presented to readers. However; we see nice rejection of upper EMA's, with a variety of failed moving averages, with as of typing the 50MA appears to be holding up the H4 but only just, and volume is decreasing.
Another thing to note is on the TD sequential daily view we saw a 9 count, and with that being said we should expect a 4 count correction/consolidation. I am short in my position with levels of targets indicated. Good luck.
Follow not the YELLOW BRICK ROAD, but the trend line and pennants and gain A LOAD
Note
I forgot to add that the current pennant we are in, is also as part of another pennant, so we may see an attempt to break up into the blue zone of the pennant, which is derived from a larger time frame bearish trend line, and then a rejection down, this is what i firmly expect.Note
14:20 Breaking down, and out of pennant, here we gooooTrade closed: target reached
All targets reached :DHope you made bank
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